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PSA Signed Between Eni & Turkmenneft

Source: www.gulfoilandgas.com 11/18/2014, Location: Asia

The Director of The State Agency for Management and Use of Hydrocarbon Resources, Yagshygeldy Kakayev, the chairman of State Concern Turkmenneft, Tachdurdy Begdjanov, and Eniís CEO, Claudio Descalzi, today signed an addendum to the Production Sharing Agreement (PSA) with respect to the onshore Nebit Dag Area located in West Turkmenistan. The agreement was signed in the presence of the President of Turkmenistan, Gurbanguly Berdimuhamedov, and the Italian Prime Minister, Matteo Renzi.

The addendum extends the duration of the PSA to February 2032 and a 10% stake out of the contractor share is transferred by Eni, operator of the block, to Turkmenneft. Eni will keep the remaining 90% interest stake in the PSA. This agreement will enable further E&P investments in Burun and other satellite fields of the Nebit Dag block.

In a separate agreement, Eni and the Turkmen State Agency for Management and Use of Hydrocarbon Resources signed a Memorandum to explore the possibility of extending Eniís activities to Turkmenistanís offshore sector of the Caspian Sea.

These strategic agreements strengthen Eniís presence in Turkmenistan, a country with a high exploration upside, where it began activities in 2008, and consolidates Eniís cooperation with the national authorities and the State company Turkmenneft.

For more information about related Opportunities and Key Players visit Caspian Region Projects

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